Appearance
Federal Securities Laws · 联邦证券法
考试权重
本节约 4-6 题，是 SIE 考试高频考点。重点：1933 vs 1934 法案区别（Paper vs People）、10b-5 反欺诈条款、投资公司三种类型、投资顾问三要素测试。
Overview · 概述
The U.S. securities regulatory framework is built on four landmark federal laws. A simple memory trick:
| Law | Nickname | One-Liner | 一句话记忆 |
|---|---|---|---|
| Securities Act of 1933 | Paper Act | Regulates new securities issuance | 管"纸"（新股发行） |
| Securities Exchange Act of 1934 | People Act | Regulates secondary trading + people | 管"人"（交易+从业者） |
| Trust Indenture Act of 1939 | — | Protects corporate bondholders (>$50M) | 管公司债(>5千万)的受托人 |
| Investment Company Act of 1940 | — | Regulates pooled investment vehicles | 管基金公司 |
| Investment Advisers Act of 1940 | — | Regulates investment advisers | 管投资顾问 |
Securities Act of 1933 · 证券法（Paper Act）
Purpose: Regulate the initial issuance (primary market) of securities to ensure investors receive full and fair disclosure.
中文释义: 1933 年证券法管理证券的首次发行，核心要求是"完全公正的信息披露"(full and fair disclosure)。不保证投资不亏钱，只保证信息透明。
Key Provisions / 核心条款
| Provision | English | 中文 |
|---|---|---|
| Registration | New securities must be registered with the SEC before public sale | 新证券公开发售前必须向 SEC 注册 |
| Prospectus | Buyers must receive a prospectus (disclosure document) | 投资者必须收到招股说明书 |
| Cooling-off Period | 20-day waiting period between filing and effective date | 注册后 20 天冷却期 |
| Full Disclosure | Issuer must disclose all material facts | 发行人必须披露所有重要事实 |
| Anti-fraud | Prohibits fraud/misrepresentation in new issues | 禁止新发行中的欺诈和虚假陈述 |
关键概念
1933 法案 不保证投资安全，也不赋予 SEC 审批权。SEC 不对证券质量做判断（no merit review）— 只确保信息被充分披露。
Exempt Securities / 豁免证券
These securities are permanently exempt from 1933 Act registration:
| Exempt Security | 中文 | Why Exempt |
|---|---|---|
| U.S. Government securities | 联邦政府证券 | 国家信用担保 |
| Municipal bonds | 市政债券 | 政府实体发行 |
| Bank securities | 银行证券 | 已受银行监管 |
| Insurance policies | 保险产品 | 受州保险监管 |
| Commercial paper (≤270 days) | 短期商业票据 | 期限短、面额大 |
| Nonprofit / religious securities | 非营利/宗教组织证券 | 非商业目的 |
记忆口诀
豁免 = 政府类 + 已受其他监管 + 超短期。如果已经有别的监管机构管了，就不用 SEC 再管一遍。
Penalties / 处罚
| Violation | Penalty |
|---|---|
| Selling unregistered securities | Buyer can rescind (要求退款) |
| Fraud/misrepresentation in registration | Civil and criminal liability |
| Criminal penalties | Up to $10,000 fine and/or 5 years imprisonment |
Securities Exchange Act of 1934 · 证券交易法（People Act）
Purpose: Regulate the secondary market (trading of existing securities) and the people involved — exchanges, broker-dealers, agents, and insiders.
中文释义: 1934 年证券交易法管理二级市场的证券交易，并监管所有市场参与者。创建了 SEC（证券交易委员会）。
What It Created & Regulates / 创建与监管
| What | English | 中文 |
|---|---|---|
| Created SEC | Established the Securities and Exchange Commission | 创立了 SEC |
| Exchanges | Regulates NYSE, NASDAQ, etc. | 监管交易所 |
| Broker-Dealers | BD registration and conduct rules | 监管经纪商/自营商 |
| Agents/Reps | Individuals who sell securities | 监管证券从业人员 |
| Transfer Agents | Maintain shareholder records | 监管过户代理人 |
| SROs | Self-Regulatory Organizations (FINRA, MSRB) | 监管自律组织 |
Reporting Requirements / 报告要求
| Report | Frequency | Content | 中文 |
|---|---|---|---|
| 10-K | Annual (年报) | Audited financial statements | 经审计的年度财务报告 |
| 10-Q | Quarterly (季报) | Unaudited financials | 未经审计的季度报告 |
| 8-K | Current events | Material changes (merger, CEO change, etc.) | 重大事件报告 |
| Annual Report | To shareholders | Summary for investors | 给股东的年度报告 |
10-K vs Annual Report
- 10-K = filed with SEC, detailed, audited
- Annual Report = sent to shareholders, may be less detailed
- 考试常考区别：10-K 是法定的 SEC 文件，Annual Report 是给股东看的
Insider Reporting — Section 16 / 内部人报告
Insiders = Officers, Directors, and 10%+ shareholders
| Form | When | 中文 |
|---|---|---|
| Form 3 | Within 10 days of becoming an insider | 成为内部人后 10 天内 |
| Form 4 | Within 2 business days of a trade | 交易后 2 个工作日内 |
| Form 5 | Annual filing for exempt transactions | 年度报告（豁免交易） |
高频考点：Rule 10b-5
Section 10(b) + Rule 10b-5 = 最重要的反欺诈条款！
适用范围：所有证券交易（一级 + 二级市场） 禁止行为：
- 使用任何欺骗手段 (device/scheme)
- 对重大事实作虚假陈述 (misstatement)
- 省略重大事实 (omission)
- 从事任何构成欺诈的行为
与 1933 法案反欺诈条款的区别：1933 只管新发行，10b-5 管所有交易。
Proxy Rules / 委托投票规则
| Concept | Explanation | 中文 |
|---|---|---|
| Proxy | Authorization to vote on behalf of a shareholder | 代理投票权 |
| Proxy Statement | Must be filed with SEC before soliciting | 征集前须向 SEC 备案 |
| Annual Meeting | Proxies solicited for director elections | 股东大会选举董事 |
| Information | Proxy must contain adequate information for decision | 必须包含足够信息 |
1933 vs 1934 Comparison · 两法对比
| Dimension | Securities Act of 1933 | Securities Exchange Act of 1934 |
|---|---|---|
| Nickname | Paper Act | People Act |
| Market | Primary (new issues) | Secondary (existing trading) |
| Focus | Disclosure in new offerings | Regulation of markets & participants |
| Created | — | SEC |
| Key Document | Prospectus (招股说明书) | 10-K, 10-Q, 8-K (定期报告) |
| Anti-fraud | Section 17(a) — new issues only | Section 10(b)/Rule 10b-5 — ALL securities |
| Regulates | Issuers of new securities | Exchanges, BDs, agents, insiders |
| Key Period | 20-day cooling-off | Ongoing reporting obligations |
记忆技巧
- 1933 = 3 letters in "New" → 管新发行
- 1934 = 4 letters in "Trade" → 管交易
- Paper Act = 管纸（招股书）；People Act = 管人（BD、交易所）
Trust Indenture Act of 1939 · 信托契约法
Purpose: Protect bondholders by requiring a formal trust agreement (indenture) and an independent trustee for corporate bond issues over $50 million.
中文释义: 保护债券持有人利益。要求大额公司债发行必须有正式信托契约和独立受托人。
| 要点 | 内容 |
|---|---|
| 适用范围 | Corporate bond issues > $50 million |
| 必须有 | 独立受托人 (Independent Trustee) 代表债券持有人利益 |
| 包含 | Equipment trust bonds (设备信托债券) |
| 不适用 | 政府证券 (T-bonds), GO bonds, Revenue bonds (市政债) |
考试要点
- Trust Indenture Act 只管公司债 > $50M — 政府/市政债不适用
- Trustee 必须是独立的，代表债券持有人的利益
- Treasury bonds ≠ Treasury stock (T-bonds = 政府债券，Treasury stock = 公司回购的库存股)
Investment Company Act of 1940 · 投资公司法
Purpose: Regulate companies that pool investor money to invest in securities (mutual funds, ETFs, etc.).
中文释义: 规范集合投资工具（基金公司），保护投资者利益。
Three Types of Investment Companies / 三种投资公司
| Type | English | 中文 | Key Feature |
|---|---|---|---|
| Face-Amount Certificate | Pays a fixed sum at maturity | 面额凭证 | 很少见，几乎不存在了 |
| Unit Investment Trust (UIT) | Fixed portfolio, no active management | 单位投资信托 | 不主动管理，有到期日 |
| Management Company | Actively or passively managed portfolio | 管理型公司 | 最常见，分 open-end 和 closed-end |
Management Companies: Open-End vs Closed-End / 开放式 vs 封闭式
| Feature | Open-End (Mutual Fund) | Closed-End |
|---|---|---|
| Shares issued | Unlimited, continuous offering | Fixed number (IPO only) |
| Pricing | NAV (end of day) | Market price (intraday) |
| Redemption | Must redeem at NAV within 7 days | No redemption; sell on exchange |
| Trading | Forward pricing (next NAV) | Trade on exchange like stocks |
| Premium/Discount | Always at NAV | Can trade at premium or discount |
| Leverage | Cannot use leverage | Can use leverage |
| 中文 | 开放式基金（共同基金） | 封闭式基金 |
常考区别
- Open-end = 随时申赎，按 NAV 定价，不能用杠杆
- Closed-end = 像股票一样在交易所交易，可以溢价/折价，可以用杠杆
Board of Directors Requirements / 董事会要求
| Rule | Requirement | 中文 |
|---|---|---|
| Independent directors | At least majority (>50%) must be non-interested | 大多数董事必须是独立/非关联 |
| Non-interested | Not affiliated with the fund's adviser or underwriter | 与顾问/承销商无关联 |
| Advisory contract | Must be approved by board + shareholders initially | 顾问合同需董事会+股东批准 |
| Annual renewal | Board (including majority of independent directors) renews annually | 每年由董事会（含多数独立董事）续约 |
Key Restrictions / 关键限制
| Restriction | Details | 中文 |
|---|---|---|
| Diversification | 75-5-10 rule: 75% diversified, max 5% in one issuer, max 10% of issuer's voting stock | 分散投资规则 |
| Concentration | Cannot invest >25% in one industry | 单一行业不超 25% |
| Leverage (open-end) | Prohibited from issuing senior securities | 开放式不能发行优先证券（杠杆） |
| Redemption | Must redeem within 7 calendar days | 7 天内必须赎回 |
Investment Advisers Act of 1940 · 投资顾问法
Purpose: Regulate persons or firms that provide investment advice for compensation.
中文释义: 规范为他人提供有偿投资建议的个人或公司。
Three-Prong Test (Definition of IA) / 投资顾问三要素测试
A person is an investment adviser if ALL three are met:
| Prong | Requirement | 中文 |
|---|---|---|
| 1. Advice | Provides advice about securities | 提供证券投资建议 |
| 2. Business | In the business of providing advice (regular activity) | 以此为业（经常性活动） |
| 3. Compensation | Receives compensation (direct or indirect) | 收取报酬（直接或间接） |
三个条件必须同时满足
缺少任何一个就不算 Investment Adviser。例如：偶尔给朋友建议（非 business）或免费的建议（无 compensation）都不算。
Registration / 注册要求
| AUM Level | Register With | 中文 |
|---|---|---|
| $100M+ AUM | SEC | 向 SEC 注册 |
| $25M–$100M | SEC (if in 15+ states) or State | 视州数量决定 |
| <$25M | State | 向州注册 |
Fiduciary Duty vs Reg BI / 信义义务 vs 最佳利益
| Investment Adviser | Broker-Dealer | |
|---|---|---|
| Standard | Fiduciary duty (highest standard) | Reg BI (Best Interest) |
| Obligation | Act in client's best interest at all times | Best interest at time of recommendation |
| Fees | Fee-based (AUM %, flat fee) | Commission-based or fee-based |
| Conflicts | Must disclose and minimize | Must disclose and mitigate |
| 中文 | 信义义务（最高标准） | 最佳利益规则 |
IA vs BD
- IA = 持续性受托义务 (ongoing fiduciary)
- BD = 交易时的最佳利益 (transaction-based Reg BI)
- 考试常考：IA 的标准比 BD 更高
Brochure Rule — Form ADV / 手册规则
| Component | Content | Delivery | 中文 |
|---|---|---|---|
| Form ADV Part 2A | Firm brochure (services, fees, conflicts) | Before or at advisory contract signing | 公司手册（签约前交付） |
| Form ADV Part 2B | Brochure supplement (individual adviser info) | Before or at advisory contract signing | 个人补充手册 |
| Annual update | Material changes summary | Within 120 days of fiscal year end | 每年更新，120 天内交付 |
Exclusions from IA Definition / 排除在外（不算 IA）
| Excluded Person | Why | 中文 |
|---|---|---|
| Broker-Dealer | Advice is solely incidental to BD business, no special compensation | 建议附随于经纪业务 |
| Lawyer | Advice is incidental to legal practice | 附随于法律业务 |
| Accountant | Advice is incidental to accounting practice | 附随于会计业务 |
| Engineer | Advice is incidental to engineering practice | 附随于工程业务 |
| Teacher/Professor | Advice is incidental to teaching | 附随于教学 |
| Publisher | General circulation publications (not personalized) | 一般发行出版物 |
| Bank/Bank holding company | Already regulated by banking regulators | 已受银行监管 |
排除条件
专业人士（律师、会计等）被排除的前提是：投资建议是附随于其主业的，且不另外收取投顾费用。如果专门收费提供投资建议，仍然算 IA。
速记数字
| Number | Meaning | 记忆提示 |
|---|---|---|
| 20 天 | 1933 Act cooling-off period | 注册后等 20 天 |
| 10 天 | Form 3 filing deadline (becoming insider) | 成为内部人 10 天内 |
| 2 工作日 | Form 4 filing deadline (insider trade) | 内部人交易后 2 日 |
| 7 天 | Mutual fund redemption deadline | 赎回必须 7 天内完成 |
| $100M | IA SEC registration threshold | 管理 1 亿+ 向 SEC 注册 |
| 120 天 | ADV annual update delivery | 年底后 120 天内更新 |
| 75-5-10 | Diversified fund rule | 75% 分散，单一 5%，持股 10% |
| 25% | Industry concentration limit | 单一行业不超 25% |
| >50% | Independent board members | 董事会多数须独立 |
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